Millicom International Cellular (NASDAQ:TIGO) Sees Strong Trading Volume After Dividend Announcement

Shares of Millicom International Cellular S.A. (NASDAQ:TIGO) saw unusually-strong trading volume on Tuesday following a dividend announcement from the company. Approximately 235,249 shares were traded during mid-day trading, a decline of 8% from the previous session’s volume of 254,921 shares.The stock last traded at $30.37 and had previously closed at $30.27.

The newly announced dividend which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, April 8th will be paid a $0.75 dividend. This represents a dividend yield of 3.9%. The ex-dividend date is Tuesday, April 8th. Millicom International Cellular’s dividend payout ratio is currently 202.70%.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. Scotiabank upped their price objective on shares of Millicom International Cellular from $37.30 to $37.90 and gave the company a “sector outperform” rating in a research note on Friday, February 28th. Morgan Stanley started coverage on Millicom International Cellular in a report on Wednesday, January 29th. They set an “equal weight” rating and a $32.00 price target on the stock. HSBC raised Millicom International Cellular from a “hold” rating to a “buy” rating and set a $34.00 price objective for the company in a research note on Wednesday, January 22nd. Hsbc Global Res upgraded Millicom International Cellular from a “hold” rating to a “strong-buy” rating in a report on Wednesday, January 22nd. Finally, JPMorgan Chase & Co. dropped their price target on shares of Millicom International Cellular from $36.00 to $33.00 and set an “overweight” rating on the stock in a research note on Thursday, January 16th. One research analyst has rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Millicom International Cellular currently has a consensus rating of “Buy” and an average price target of $33.98.

Millicom International Cellular Stock Up 0.0 %

The company has a market capitalization of $5.21 billion, a price-to-earnings ratio of 32.21 and a beta of 1.23. The firm’s 50-day simple moving average is $28.05 and its 200-day simple moving average is $26.87. The company has a debt-to-equity ratio of 1.59, a quick ratio of 0.64 and a current ratio of 0.66.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Jones Financial Companies Lllp grew its stake in shares of Millicom International Cellular by 6.4% in the 4th quarter. Jones Financial Companies Lllp now owns 9,075 shares of the technology company’s stock valued at $227,000 after purchasing an additional 545 shares during the period. MML Investors Services LLC raised its stake in Millicom International Cellular by 5.3% during the third quarter. MML Investors Services LLC now owns 14,815 shares of the technology company’s stock worth $402,000 after acquiring an additional 750 shares in the last quarter. Principal Securities Inc. lifted its holdings in shares of Millicom International Cellular by 22.2% during the fourth quarter. Principal Securities Inc. now owns 7,030 shares of the technology company’s stock valued at $176,000 after acquiring an additional 1,277 shares during the period. Geode Capital Management LLC boosted its stake in shares of Millicom International Cellular by 1.0% in the 4th quarter. Geode Capital Management LLC now owns 154,661 shares of the technology company’s stock valued at $3,868,000 after purchasing an additional 1,500 shares in the last quarter. Finally, Blue Trust Inc. grew its stake in Millicom International Cellular by 69.5% during the fourth quarter. Blue Trust Inc. now owns 3,767 shares of the technology company’s stock worth $102,000 after buying an additional 1,544 shares during the last quarter.

About Millicom International Cellular

Millicom International Cellular SA provides cable and mobile services in Latin America. It offers mobile services, including mobile data and voice, and short message services; and mobile financial services, such as payments, money transfers, international remittances, savings, real-time loans, and micro-insurance.